Matrix Service pany(MTRX) - 2025 Q2 - Quarterly Results

Revenue Performance - Total revenue for Q2 fiscal 2025 was $187.2 million, representing a 7% increase compared to $175.0 million in Q2 fiscal 2024[6]. - Total revenue for the three months ended December 31, 2024, was $187,169,000, a 6.1% increase from $175,042,000 in the same period of 2023[38]. - Revenue recognized for the six months ended December 31, 2024, was $352,748, compared to $352,748 for the same period in 2023, showing no growth[46]. - The company anticipates more than 40% year-over-year revenue growth in the second half of fiscal 2025 compared to the second half of fiscal 2024[3]. Profitability and Loss - The company reported a net loss of $5.5 million, or $(0.20) per share, compared to a net loss of $2.9 million, or $(0.10) per share in the prior year[9]. - The company reported a net loss of $5,533,000 for the three months ended December 31, 2024, compared to a net loss of $2,851,000 for the same period in 2023[35]. - The company reported a net loss of $14,756 for the six months ended December 31, 2024, compared to a net loss of $6,018 for the same period in 2023, representing an increase of approximately 145.5%[51]. - Adjusted net loss for the three months ended December 31, 2024, was $5,533, compared to an adjusted net loss of $4,857 for the same period in 2023, indicating a year-over-year increase of approximately 13.9%[51]. - Adjusted EBITDA for Q2 fiscal 2025 was $(2.2) million, down from $0.1 million in Q2 fiscal 2024[4]. - Adjusted EBITDA for the three months ended December 31, 2024, was $(2,183), a decline from $117 in the same period of 2023[55]. Segment Performance - The Storage and Terminal Solutions segment revenue increased by 53% to $95.5 million, while the Utility and Power Infrastructure segment revenue increased by 52% to $61.1 million[10][11]. - The Process and Industrial Facilities segment revenue decreased to $30.6 million, down from $71.3 million in the prior year, primarily due to the completion of a large project[12]. Backlog and Project Awards - The total backlog as of December 31, 2024, was $1.3 billion, with project awards in the quarter totaling $90.5 million, resulting in a book-to-bill ratio of 0.5x[13]. - Backlog as of December 31, 2024, totaled $1,311,134, a decrease from $1,411,871 as of September 30, 2024, reflecting a reduction of approximately 7.1%[44]. - Project awards for the three months ended December 31, 2024, amounted to $90,538, while revenue recognized during the same period was $187,169, resulting in a book-to-bill ratio of 0.5x[44]. - The backlog as of June 30, 2024, was $1,429,473, indicating a decrease of approximately 8.2% by December 31, 2024[46]. - The company experienced a reduction in backlog due to the closure of a customer's facility, which historically represented less than 1% of consolidated revenues[45]. Financial Position - Cash flow from operations for the first half of fiscal 2025 was $45.5 million, reflecting scheduled payments from customers[15]. - As of December 31, 2024, the company had total liquidity of $211.7 million, with no outstanding debt[16]. - Total assets increased to $513,845,000 as of December 31, 2024, up from $451,351,000 on June 30, 2024, representing a growth of 13.8%[31]. - Current liabilities rose to $341,099,000, compared to $265,115,000 on June 30, 2024, indicating a 28.7% increase[33]. - Cash and cash equivalents at the end of the period were $181,777,000, up from $72,160,000 at the end of December 31, 2023, marking a significant increase of 152.5%[35]. - The company reported capital expenditures of $2,859,000 for the six months ended December 31, 2024, compared to $859,000 for the same period in 2023[35]. - Total stockholders' equity decreased to $151,934,000 as of December 31, 2024, down from $164,182,000 on June 30, 2024, a decline of 7.5%[33]. - The company experienced a significant increase in accounts payable, which rose to $79,976,000 from $65,629,000, reflecting a 21.7% increase[33]. Guidance and Methodology Changes - The company has lowered its full-year revenue guidance to a range of $850 million to $900 million, down from the previous guidance of $900 million to $950 million[18]. - The company updated its calculation methodology for adjusted EBITDA to include interest income, aligning with industry peers[55].